Delivering Convenience Is Anything But Easy
By: Mark T. Nelson, CUNA Mutual Group.
Meeting your membersâ demand for convenience is changing the dynamic of the credit union/member relationship. Members want to do business when, where and how it best suits their lives, and that may not be around your office hours or locations.
You may believe you know your members better than anyone. You may think the loyalty your relationship is based on is stronger than the appeal of competitors. And, you may think youâre already meeting their expectations and delivering a member-friendly customer experience.
But, there are a few problems with those assumptions. Loyalty only gets you so far. At some point, convenience becomes more important. As technology empowers people to manage their busy lives, theyâll inevitably gravitate to the path of least resistance as long as it delivers value and meets their needs.
In fact, a Chief Retail Officer at a large credit union recently said, âMost members are loyal to their credit unions. They want to do business with them, but convenience trumps that.â
Also, donât confuse your vision of convenience with your membersâ vision. According to an IBM study, 62 percent of retail banking executives surveyed said they deliver an excellent customer experience. But, just 35 percent of their customers agreed.
As a credit union, your challenge is how to compete in todayâs technology-driven world. You need to adapt quickly and often to satisfy changing consumer demands and deliver a convenient experience. As a result, you may have to divert time and resources from other priorities.
For example, providing a new digital product or channel involves a number of considerations, including:
- Technology expertise
- Financial investment
- Data security
- Compliance issues
- Ongoing maintenance
And of course, you must address these issues while meeting the ultimate objective â making it easy for your members to do business with you.
While delivering convenience is vital to meeting your membersâ expectations, itâs a never-ending process. With the technology revolution continuing to pick up speed, you can feel caught between a sense of urgency and taking a measured approach.
Overshadowing everything is the need to get it right.Your members trust you to get it right. If you donât, itâs now easier than ever for them to take their business to a competitor who does.
Click here to watchÂ our recent webinar to learn how your members are drivingÂ innovation and changing your world.
CUNA Mutual Group is the NAFCU Services Preferred Partner for TruStageÂ® Auto & Home and Life Insurance Products and Mortgage Payment Protection.
More information and educational materials are available atÂ nafcu.org/CUNAMutualGroupÂ